Rays Green Energy Manufacturing Pvt Ltd has partnered with the Madhya Pradesh government to establish a state-of-the-art solar cell and module gigafactory in the central Indian state.
The company, which is a unit of the renowned solar plant builder Rays Power Infra Pvt Ltd, received a Letter of Intent (LOI) from the government for land allotment at the Mohasa Babai industrial area.
The development marks a significant step towards boosting India’s renewable energy sector.
Factory Capacity and Investment Plans
The new factory will have a production capacity of 1.5 GW of TOPCon photovoltaic (PV) cells. It will also assemble 3 GW of modules annually.
The project will be developed at an estimated cost of ₹14 billion
Impact on India’s Solar Industry
By setting up this facility, Rays Green Energy aims to reduce India’s dependency on imported solar equipment.
As reported by renewablesnow.com, the project is expected to propel India towards becoming a global leader in renewable energy. This is particularly true in the solar sector, as the country continues to expand its green energy initiatives.
